Yahoo Finance Minted is expanding but has no plans for an IPO
Don't expect design marketplace Minted to join Pinterest and Beyond Meat in the IPO rush anytime soon.
The site, which is best known as a source for Christmas cards and wedding invites, has raised more than $300 million from top-tier investors including Benchmark Capital, T. Rowe Price, and Permira. Given investors’ appetite for IPOs, Minted is on many a Wall Street radar, but the company’s CEO Mariam Naficy doesn’t have plans to join the fray. She was asked about the possibility of an upcoming IPO on Yahoo Finance's "The Final Round.”
"Can't say for sure, but it is an independent company that believes in staying independent and serving people's needs everywhere and serving companies everywhere. So it puts us in a good neutral position to stay independent,"she said.
Instead of a liquidity exit, the company, which uses crowdsourcing technology and predictive analytics to determine which designs from independent artists will succeed, is focusing on expanding its business. Minted is now launching a licensing arm to add to existing verticals including art, home decor, and stationery.
The company is starting with licensing deals with Samsung and Method. "Our vision has always been to bring the best in independent design to people everywhere. That's really what we're all about. And over the years, we've seen such beautiful pattern work and illustration work emerge from our community. And we really felt that to keep it limited to the bounds of two-dimensional flat products was probably limiting the purpose and joy that this could bring to people's lives," Nacify said.
Jen is an anchor for Yahoo Finance. Follow her on Twitter@JenSaidIt.
‘Unbreakable Kimmy Schmidt’ star Ellie Kemper explains why it’s okay to be a quitter
Star Comedian Nick Kroll has ‘a major opinion about Facebook as a stock’
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit.
